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Sens. Cruz, Thune, Colleagues Introduce Bicameral Legislation to Permanently Repeal the Death Tax

WASHINGTON, D.C. - U.S. Sen. Ted Cruz (R-Texas) today joined Sen. John Thune (R-S.D.) and 24 of his Senate colleagues in introducing legislation to permanently repeal the federal estate tax, more commonly known as the ‘death tax.' The Death Tax Repeal Act of 2021 would finally end this purely punitive tax that has the potential to hit family-run farms, ranches, and businesses as the result of the owner's death.

Cosponsors of this bill include Sens. Mitch McConnell (R-Ky.), Mike Crapo (R-Idaho), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), John Hoeven (R-N.D.), James Inhofe (R-Okla.), John Kennedy (R-La.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Rick Scott (F-Fla.), Richard Shelby (R-Ala.), and Roger Wicker (R-Miss.).

Upon introduction of this bill, Sen. Cruz said:

"In Texas and across the country, many families are forced to sell ranches or farms due to the passing of a patriarch and the aggressive death tax. I have long fought to end the death tax and stop the federal government from punishing hardworking American families with a tax burden after a loved one passes. I am proud to cosponsor this bill with Sen. Thune to help American families, small businesses, and agricultural producers continue to recover from the economic destruction of this pandemic."

Sen. Thune said:

"I've fought hard to repeal the onerous and unfair death tax since I came to Washington, including by leading the effort in 2017 to protect more farm and ranch families from it. Family-owned farms and ranches, like those in South Dakota, can bear the brunt of this tax, which oftentimes makes it difficult and costly to pass these businesses down to future generations. Agriculture is our state's top industry, which is why I remain committed to removing roadblocks for these family businesses, and we can start by repealing the death tax once and for all."

Sen. McConnell said:

"Kentucky farm families and small businesses have enough to deal with during this pandemic. They shouldn't also have to worry about an unfair death tax when they pass their livelihoods down to the next generation. Republicans' historic tax reform helped unleash the best American economy in 50 years, including exempting many Kentuckians from the death tax. Unfortunately, Washington Democrats want to double down on the federal government's final insult and force more grieving families to visit the undertaker and the IRS on the same day. I'm proud to join Senator Thune to permanently end the death tax and support opportunity for rural families and communities."

This bill is supported by the American Farm Bureau Federation, the National Cattleman's Beef Association, NFIB, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union, and many others. Companion legislation was introduced in the U.S. House Representatives by Rep. Jason Smith (R-Mo.).